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2026-01-31 0.0448 0.1051 0.0795 -0.0349 0.1070 0.0805 0.0383 -0.1455 0.0939 0.0530 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 7.83% Worst 2nd Quarter 2022 -7.55% 0.1026 0.1557 -0.0640 -0.1716 0.0589 0.1486 0.1824 0.1197 0.0949 0.1480 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 13.67% Worst 1st Quarter 2020 -13.59% 0.0625 0.1903 0.2231 -0.0932 0.2386 0.1421 0.1626 -0.1906 0.1986 0.1543 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 18.16% Worst 1st Quarter 2020 -19.48% 0.0954 0.1115 0.0751 -0.0243 0.1377 0.1017 0.0608 -0.1287 0.0902 0.0496 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 10.39% Worst 1st Quarter 2020 -10.02% N-1A COLUMBIA FUNDS SERIES TRUST II 2026-06-01 Summary of Columbia Capital Allocation Conservative Portfolio Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Columbia Capital Allocation Conservative Portfolio (Conservative Portfolio or the Fund)</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> is designed for investors </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeking the highest level of total return that is consistent with a conservative level of risk.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0475 0 0 0.0100 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0006 0.0006 0.0006 0.0025 0.0100 0.0000 0.0021 0.0021 0.0021 0.0044 0.0044 0.0044 0.0096 0.0171 0.0071 -0.0001 -0.0001 -0.0001 0.0095 0.0170 0.0070 This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. "Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 6pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span> <br/><span style="color: #003c78; font-family: arial; font-size: 10pt;">Since the waivers and/or reimbursements shown in the</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;"> Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> table above expire as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">examples.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 567 567 765 765 980 980 1596 1596 273 538 927 1820 173 538 927 1820 72 72 226 226 394 394 882 882 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund and underlying funds (including exchange-traded funds (ETFs)) may pay transaction costs, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commissions, when they buy and sell securities (or “turn over” their portfolios). The Fund will indirectly bear the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expenses associated with portfolio turnover of the underlying funds. A higher portfolio turnover rate may indicate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">31</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.31 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is primarily managed as a fund that invests in other funds (i.e., a “fund-of-funds”) that seeks to achieve its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objective by investing under normal circumstances in a combination of underlying funds, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchange-traded funds (ETFs), for which Columbia Management Investment Advisers, LLC (the Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager) or an affiliate serves as investment adviser or principal underwriter (the affiliated underlying funds). The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also invest up to 20% of its net assets in other funds, including third party advised (unaffiliated) funds and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ETFs (collectively with the affiliated underlying funds, the Underlying Funds), equity securities, fixed income </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities (including treasury inflation protected securities (TIPS)) and derivative instruments (the 20% Sleeve). The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s derivative investments may include forward contracts (including forward foreign currency contracts), futures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(including currency, equity, index, interest rate, and other bond futures) and options. Derivative positions may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">established to seek incremental earnings, hedge existing positions, increase market or credit exposure, increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment flexibility (including using the derivative position as a substitute for the purchase or sale of the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security, currency or other instrument) and/or to change the effective duration of the Fund’s portfolio. Collectively, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these investments (including through investments in derivatives) provide the Fund with exposure to equity, fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income, and cash/cash equivalent asset classes. The Fund may also pursue alternative investment strategies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income markets, as well as those providing exposure to other markets, including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund can invest up to 90% of its net assets in fixed income securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in Underlying Funds categorized as “fixed income”, “equity”, “cash/cash equivalents”, and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">“alternative strategies”, which may represent indirect investments in various sectors, asset classes, strategies and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets. Under normal circumstances, the Fund emphasizes investments in Underlying Funds categorized as fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income, which can include those that invest in TIPs, U.S. treasury bonds and notes, mortgage-backed and asset-backed</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> securities, investment grade corporate bonds, high yield bonds (junk bonds), high yield loans and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">international bonds (including those of issuers in developed and emerging markets), which may have varying interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates, terms, duration and credit exposure. The Fund may also invest in Underlying Funds categorized as equity, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which can include those that invest in equity securities representing different investment styles (e.g., growth, value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and core/blend), market capitalizations (large-, mid- and small-cap), geographic focus (domestic and international, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including emerging markets) and sector focus (e.g., real estate, technology, infrastructure and natural resources).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Underlying Funds categorized as alternative strategies include those that employ a variety of investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategies, techniques and practices, generally intended to have a low correlation to the performance of the broad </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">equity and fixed income markets over a complete market cycle including but not limited to absolute (positive) return </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategies. Subject to the 20% Sleeve limitation described above, the Fund may also invest directly in equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities, fixed income securities and derivative instruments, including forward foreign currency contracts and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures (including currency, equity, fixed income, index and interest rate futures). By investing in a combination of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds and other securities described in the 20% Sleeve, the Fund seeks to minimize the risks typically </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with investing in a traditional mutual fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal market circumstances, the Fund may invest, directly or indirectly, in each of equity, fixed income and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cash/cash equivalent asset classes and alternative strategies (each, an asset class category and collectively, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset class categories) within the following target asset allocation ranges (includes investments in Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and the other securities described in the 20% Sleeve):</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 15.25pt;"> <td colspan="5" style="background-color: #003c78; border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 516.00pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-right: -2pt; margin-top: 1pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 6pt;">Asset Class Exposures</span></div> </div> </td> </tr> <tr style="height: 26pt;"> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 313.06pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; margin-top: 2pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 40pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Equity</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 60.02pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Fixed Income</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 53.51pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Cash/Cash</span></div> <div style="margin-left: 4pt; margin-right: 4pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Equivalents</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 49.41pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Alternatives</span></div> </div> </td> </tr> <tr style="height: 13.25pt;"> <td style="border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Middle; width: 313.06pt;"> <div style="line-height: 15.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Conservative  Portfolio</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 40pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 28pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">0–40%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 60.02pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 48.02pt;"> <div style="display: flex; margin: auto; width: 34.48pt;"> <div style="display: flex; white-space: nowrap; width: 34.48pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">50–90%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 53.51pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 41.51pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–40%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 49.41pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; text-align: right; width: 43.41pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–40%*</span></div> </div> </div> </td> </tr> <tr style="height: 5.5pt;"> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Middle; width: 313.06pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 1pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 40pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 28pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 60.02pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 48.02pt;"> <div style="display: flex; margin: auto; width: 34.48pt;"> <div style="display: flex; white-space: nowrap; width: 34.48pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 53.51pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 41.51pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 49.41pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; text-align: right; width: 43.41pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 6pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9pt; text-align: left; width: 3.44pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">*</span></div> <div style="float: left; line-height: 9pt; margin-left: 8.56pt; text-align: left; width: 499.00pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">As a percent of Fund net assets. Ranges include the net notional amounts of a Fund’s direct investments in derivative instruments. Market </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. The Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">modify the target allocation ranges only with the approval of a Fund’s Board of Trustees (the Board).</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may be most appropriate for investors with a shorter-term investment horizon.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Allocation Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk that the Fund's allocation among asset classes, investments, managers, strategies and/or investment styles will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">objectives and/or strategies, or that the investments themselves will not produce the returns expected.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Alternative Strategies Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in alternative investment strategies (Alternative Strategies), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">whether through direct investment or through one or more underlying funds that use Alternative Strategies, involves </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">as those providing exposure to other markets (such as commodity markets), including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets than was anticipated, and the Fund may lose money. Some Alternative Strategies may be considered </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">speculative.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of loans or other debt instruments may decline if the issuer thereof </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Bond Rating Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> grade debt instruments may be subject to greater price fluctuations and are more likely to experience a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will depend on analysis of credit risk more heavily than usual.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Forward Contracts Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">A forward contract is an over-the-counter derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Futures Contracts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A futures contract is an exchange-traded derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are highly volatile</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Options Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Options are derivatives that give the purchaser the option to buy (call) or sell (put) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could result in greater volatility in price movement. The Fund's losses could be significant</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are potentially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Exchange-Traded Fund (ETF) Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in ETFs have unique characteristics, including, but not limited to, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expense structure and additional expenses associated with investing in ETFs. ETFs are subject to, among other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportionate share of the Fund’s expenses, and indirectly the ETF’s expenses, incurred through the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ownership of the ETF. Because the expenses and costs of an underlying ETF are shared by its investors, redemptions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by other investors in the ETF could result in decreased economies of scale and increased operating expenses for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such ETF. The ETFs may not achieve their investment objective. The Fund, through its investment in ETFs, may not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">achieve its investment objective.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fund-of-Funds Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Determinations regarding asset classes or selection of Underlying Funds and the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocations thereto may not successfully achieve the Fund’s investment objective, in whole or in part. The ability of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to realize its investment objective will depend, in large part, on the extent to which the Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">realize their investment objective. There is no guarantee that the Underlying Funds will achieve their respective </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objectives. The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocation of its assets among the Underlying Funds. Therefore, to the extent that the Fund invests significantly in a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular Underlying Fund, the Fund’s performance would be significantly impacted by the performance of such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund. Generally, by investing in a combination of Underlying Funds, the Fund has exposure to the risks of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">many areas of the market. By concentrating its investments in relatively few Underlying Funds, the Fund may have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more concentrated market exposures, subjecting the Fund to greater risk of loss should those markets decline or fail </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to rise. The performance of Underlying Funds could be adversely affected if other entities that invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">funds make relatively large investments or redemptions in such funds. The Fund, and its shareholders, indirectly bear </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of each </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund are shared by its investors, redemptions by other investors in an Underlying Fund could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreased economies of scale and increased operating expenses for such Underlying Fund. The Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager has a conflict of interest in choosing affiliated funds over unaffiliated funds when selecting and investing in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds because it receives management fees from affiliated funds, and it has a conflict in choosing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">among affiliated funds when selecting and investing in Underlying Funds, because the fees paid to it by certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affiliated funds are higher than the fees paid by other affiliated funds. Also, to the extent that the Fund is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">constrained/restricted from investing (or investing further) in a particular Underlying Fund for one or more reasons </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(e.g., Underlying Fund capacity constraints or regulatory restrictions) or if the Fund chooses to sell its investment in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an Underlying Fund because of poor investment performance or for other reasons, the Fund may have to invest in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">another fund(s), including less desirable funds – from a strategy or investment performance standpoint – which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could have a negative impact on Fund performance. In addition, Fund performance could be negatively impacted if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager is unable to identify an appropriate alternate fund(s) in a timely manner or at all.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Money Market Fund Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant, in money market fund shares to cover its obligations resulting from the Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investments in such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the <span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Shareholder Fees</span> table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark. The returns of the Former Blended Benchmark will be shown for a one-year transition period.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest. On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark. The returns of the Former Blended Benchmark will be shown for a one-year transition period. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.0783 Worst 2022-06-30 -0.0755 Year to Date return 2026-03-31 -0.0061  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2004-03-04 2004-03-04 2004-03-04 0.0522 0.0147 0.0342 0.0384 0.0005 0.0217 0.0310 0.0063 0.0222 2004-03-04 0.0865 0.0171 0.0315 2010-09-27 0.1080 0.0270 0.0418 0.1047 0.0274 0.0487 0.0730 -0.0036 0.0201 0.1715 0.1315 0.1429 0.0969 0.0273 0.0446 Summary of Columbia Capital Allocation Moderate Portfolio Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Columbia Capital Allocation Moderate Portfolio (Moderate Portfolio or the Fund)</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> is designed for investors seeking </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the highest level of total return that is consistent with a moderate level of risk.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0.0100 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0003 0.0003 0.0003 0.0003 0.0025 0.0100 0.0000 0.0000 0.0010 0.0010 0.0010 0.0005 0.0056 0.0056 0.0056 0.0056 0.0094 0.0169 0.0069 0.0064 This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. Other expenses have been restated to reflect current fees paid by the Fund. "Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 6pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Although your </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 665 665 857 857 1065 1065 1663 1663 272 533 918 1799 172 533 918 1799 70 70 221 221 384 384 859 859 65 65 205 205 357 357 798 798 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund and underlying funds (including exchange-traded funds (ETFs)) may pay transaction costs, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commissions, when they buy and sell securities (or “turn over” their portfolios). The Fund will indirectly bear the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expenses associated with portfolio turnover of the underlying funds. A higher portfolio turnover rate may indicate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">24</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.24 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is primarily managed as a fund that invests in other funds (i.e., a “fund-of-funds”) that seeks to achieve its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objective by investing under normal circumstances in a combination of underlying funds, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchange-traded funds (ETFs), for which Columbia Management Investment Advisers, LLC (the Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager) or an affiliate serves as investment adviser or principal underwriter (the affiliated underlying funds). The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also invest up to 20% of its net assets in other funds, including third party advised (unaffiliated) funds and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ETFs (collectively with the affiliated underlying funds, the Underlying Funds), equity securities, fixed income </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities (including treasury inflation protected securities (TIPS)) and derivative instruments (the 20% Sleeve). The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s derivative investments may include forward contracts (including forward foreign currency contracts), futures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(including currency, equity, index, interest rate, and other bond futures) and options. Derivative positions may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">established to seek incremental earnings, hedge existing positions, increase market or credit exposure, increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment flexibility (including using the derivative position as a substitute for the purchase or sale of the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security, currency or other instrument) and/or to change the effective duration of the Fund’s portfolio. Collectively, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these investments (including through investments in derivatives) provide the Fund with exposure to equity, fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income, and cash/cash equivalent asset classes. The Fund may also pursue alternative investment strategies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income markets, as well as those providing exposure to other markets, including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in Underlying Funds categorized as “fixed income”, “equity”, “cash/cash equivalents”, and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">“alternative strategies”, which may represent indirect investments in various sectors, asset classes, strategies and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets. Under normal circumstances, the Fund emphasizes investments in Underlying Funds categorized as fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income, which can include those that invest in TIPs, U.S. treasury bonds and notes, mortgage-backed and asset-backed</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> securities, investment grade corporate bonds, high yield bonds (junk bonds), high yield loans and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">international bonds (including those of issuers in developed and emerging markets), which may have varying interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates, terms, duration and credit exposure. The Fund may also invest in Underlying Funds categorized as equity, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which can include those that invest in equity securities representing different investment styles (e.g., growth, value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and core/blend), market capitalizations (large-, mid- and small-cap), geographic focus (domestic and international, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including emerging markets) and sector focus (e.g., real estate, technology, infrastructure and natural resources).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Underlying Funds categorized as alternative strategies include those that employ a variety of investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategies, techniques and practices, generally intended to have a low correlation to the performance of the broad </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">equity and fixed income markets over a complete market cycle including but not limited to absolute (positive) return </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">strategies. Subject to the 20% Sleeve limitation described above, the Fund may also invest directly in equity </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities, fixed income securities and derivative instruments, including forward foreign currency contracts and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures (including currency, equity, fixed income, index and interest rate futures). By investing in a combination of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds and other securities described in the 20% Sleeve, the Fund seeks to minimize the risks typically </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">associated with investing in a traditional mutual fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal market circumstances, the Fund may invest, directly or indirectly, in each of equity, fixed income and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cash/cash equivalent asset classes and alternative strategies (each, an asset class category and collectively, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset class categories) within the following target asset allocation ranges (includes investments in Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and the other securities described in the 20% Sleeve):</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 15.25pt;"> <td colspan="5" style="background-color: #003c78; border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 515.99pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-right: -2pt; margin-top: 1pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 6pt;">Asset Class Exposures</span></div> </div> </td> </tr> <tr style="height: 26pt;"> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 308.57pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; margin-top: 2pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 44.48pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Equity</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 60.02pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Fixed Income</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 53.51pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Cash/Cash</span></div> <div style="margin-left: 4pt; margin-right: 4pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Equivalents</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 49.41pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Alternatives</span></div> </div> </td> </tr> <tr style="height: 13.25pt;"> <td style="border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Middle; width: 308.57pt;"> <div style="line-height: 15.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Moderate Portfolio</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 44.48pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 32.48pt;"> <div style="display: flex; margin: auto; width: 34.48pt;"> <div style="display: flex; white-space: nowrap; width: 34.48pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">10–70%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 60.02pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 48.02pt;"> <div style="display: flex; margin: auto; width: 34.48pt;"> <div style="display: flex; white-space: nowrap; width: 34.48pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">30–75%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 53.51pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 41.51pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–40%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 49.41pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; text-align: right; width: 43.41pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–40%*</span></div> </div> </div> </td> </tr> <tr style="height: 5.5pt;"> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Middle; width: 308.57pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 1pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 44.48pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 32.48pt;"> <div style="display: flex; margin: auto; width: 34.48pt;"> <div style="display: flex; white-space: nowrap; width: 34.48pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 60.02pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 48.02pt;"> <div style="display: flex; margin: auto; width: 34.48pt;"> <div style="display: flex; white-space: nowrap; width: 34.48pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 53.51pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 41.51pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 49.41pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; text-align: right; width: 43.41pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 6pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9pt; text-align: left; width: 3.44pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">*</span></div> <div style="float: left; line-height: 9pt; margin-left: 8.56pt; text-align: left; width: 499.00pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">As a percent of Fund net assets. Ranges include the net notional amounts of a Fund’s direct investments in derivative instruments. Market </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. The Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">modify the target allocation ranges only with the approval of a Fund’s Board of Trustees (the Board).</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may be most appropriate for investors with an intermediate term investment horizon.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Allocation Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk that the Fund's allocation among asset classes, investments, managers, strategies and/or investment styles will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">objectives and/or strategies, or that the investments themselves will not produce the returns expected.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Alternative Strategies Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in alternative investment strategies (Alternative Strategies), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">whether through direct investment or through one or more underlying funds that use Alternative Strategies, involves </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">as those providing exposure to other markets (such as commodity markets), including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets than was anticipated, and the Fund may lose money. Some Alternative Strategies may be considered </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">speculative.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of loans or other debt instruments may decline if the issuer thereof </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Bond Rating Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> grade debt instruments may be subject to greater price fluctuations and are more likely to experience a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will depend on analysis of credit risk more heavily than usual.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Forward Contracts Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">A forward contract is an over-the-counter derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Futures Contracts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A futures contract is an exchange-traded derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are highly volatile</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Options Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Options are derivatives that give the purchaser the option to buy (call) or sell (put) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could result in greater volatility in price movement. The Fund's losses could be significant</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are potentially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Exchange-Traded Fund (ETF) Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in ETFs have unique characteristics, including, but not limited to, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expense structure and additional expenses associated with investing in ETFs. ETFs are subject to, among other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportionate share of the Fund’s expenses, and indirectly the ETF’s expenses, incurred through the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ownership of the ETF. Because the expenses and costs of an underlying ETF are shared by its investors, redemptions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by other investors in the ETF could result in decreased economies of scale and increased operating expenses for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such ETF. The ETFs may not achieve their investment objective. The Fund, through its investment in ETFs, may not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">achieve its investment objective.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fund-of-Funds Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Determinations regarding asset classes or selection of Underlying Funds and the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocations thereto may not successfully achieve the Fund’s investment objective, in whole or in part. The ability of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to realize its investment objective will depend, in large part, on the extent to which the Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">realize their investment objective. There is no guarantee that the Underlying Funds will achieve their respective </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objectives. The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocation of its assets among the Underlying Funds. Therefore, to the extent that the Fund invests significantly in a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular Underlying Fund, the Fund’s performance would be significantly impacted by the performance of such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund. Generally, by investing in a combination of Underlying Funds, the Fund has exposure to the risks of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">many areas of the market. By concentrating its investments in relatively few Underlying Funds, the Fund may have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more concentrated market exposures, subjecting the Fund to greater risk of loss should those markets decline or fail </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to rise. The performance of Underlying Funds could be adversely affected if other entities that invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">funds make relatively large investments or redemptions in such funds. The Fund, and its shareholders, indirectly bear </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of each </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund are shared by its investors, redemptions by other investors in an Underlying Fund could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreased economies of scale and increased operating expenses for such Underlying Fund. The Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager has a conflict of interest in choosing affiliated funds over unaffiliated funds when selecting and investing in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds because it receives management fees from affiliated funds, and it has a conflict in choosing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">among affiliated funds when selecting and investing in Underlying Funds, because the fees paid to it by certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affiliated funds are higher than the fees paid by other affiliated funds. Also, to the extent that the Fund is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">constrained/restricted from investing (or investing further) in a particular Underlying Fund for one or more reasons </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(e.g., Underlying Fund capacity constraints or regulatory restrictions) or if the Fund chooses to sell its investment in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an Underlying Fund because of poor investment performance or for other reasons, the Fund may have to invest in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">another fund(s), including less desirable funds – from a strategy or investment performance standpoint – which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could have a negative impact on Fund performance. In addition, Fund performance could be negatively impacted if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager is unable to identify an appropriate alternate fund(s) in a timely manner or at all.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Money Market Fund Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant, in money market fund shares to cover its obligations resulting from the Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investments in such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">lower.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Shareholder Fees </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table in this prospectus) for the periods shown with a blended benchmark that is intended to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance for markets in which the Fund may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Former Blended Benchmark. The returns of the Former Blended Benchmark will be shown for a one-year </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">transition period.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">invest in the same portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;"> Average Annual Total Returns </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table below are calculated using the highest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.  The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest. On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark. The returns of the Former Blended Benchmark will be shown for a one-year transition period. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.1367 Worst 2020-03-31 -0.1359 Year to Date return 2026-03-31 -0.0116  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2004-03-04 2004-03-04 2004-03-04 0.0888 0.0457 0.0654 0.0731 0.0265 0.0467 0.0572 0.0299 0.0460 2004-03-04 0.1370 0.0501 0.0638 2010-09-27 0.1579 0.0608 0.0745 2013-06-13 0.1584 0.0613 0.0752 0.1484 0.0625 0.0799 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1413 0.0617 0.0785 Summary of Columbia Capital Allocation Aggressive Portfolio Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Columbia Capital Allocation Aggressive Portfolio (Aggressive Portfolio or the Fund) is designed for investors seeking the highest level of total return that is consistent with an aggressive level of risk.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the <span style="color: #003c78; font-family: Arial; font-size: 10pt; font-style: italic;">Choosing a Share Class</span> section beginning on page 73 of the Fund’s prospectus, in <span style="color: #003c78; font-family: Arial; font-size: 10pt; font-style: italic;">Appendix A</span> to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under <span style="color: #003c78; font-family: Arial; font-size: 10pt; font-style: italic;">Sales Charge Waivers</span> beginning on page S-1.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 73 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0003 0.0003 0.0003 0.0003 0.0003 0.0025 0.0100 0.0000 0.0000 0.0050 0.0010 0.0010 0.0010 0.0003 0.0010 0.0064 0.0064 0.0064 0.0064 0.0064 0.0102 0.0177 0.0077 0.0070 0.0127 This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. "Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 6pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Although your </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 673 673 881 881 1106 1106 1751 1751 280 557 959 1886 180 557 959 1886 79 79 246 246 428 428 954 954 72 72 224 224 390 390 871 871 129 129 403 403 697 697 1534 1534 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund and underlying funds (including exchange-traded funds (ETFs)) may pay transaction costs, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">commissions, when they buy and sell securities (or “turn over” their portfolios). The Fund will indirectly bear the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expenses associated with portfolio turnover of the underlying funds. A higher portfolio turnover rate may indicate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">19</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.19 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is primarily managed as a fund that invests in other funds (i.e., a “fund-of-funds”) that seeks to achieve its </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objective by investing under normal circumstances in a combination of underlying funds, including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchange-traded funds (ETFs), for which Columbia Management Investment Advisers, LLC (the Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager) or an affiliate serves as investment adviser or principal underwriter (the affiliated underlying funds). The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund may also invest up to 20% of its net assets in other funds, including third party advised (unaffiliated) funds and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ETFs (collectively with the affiliated underlying funds, the Underlying Funds), equity securities, fixed income </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities (including treasury inflation protected securities (TIPS)) and derivative instruments (the 20% Sleeve). The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund’s derivative investments may include forward contracts (including forward foreign currency contracts), futures </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(including currency, equity, index, interest rate, and other bond futures) and options. Derivative positions may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">established to seek incremental earnings, hedge existing positions, increase market or credit exposure, increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment flexibility (including using the derivative position as a substitute for the purchase or sale of the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">security, currency or other instrument) and/or to change the effective duration of the Fund’s portfolio. Collectively, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">these investments (including through investments in derivatives) provide the Fund with exposure to equity, fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income, and cash/cash equivalent asset classes. The Fund may also pursue alternative investment strategies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income markets, as well as those providing exposure to other markets, including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may invest in Underlying Funds categorized as “equity”, “fixed income”, “cash/cash equivalents”, and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">“alternative strategies”, which may represent indirect investments in various sectors, asset classes, strategies and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets. Under normal circumstances, the Fund emphasizes investments in Underlying Funds categorized as equity, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">which can include those that invest in equity securities representing different investment styles (e.g., growth, value </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and core/blend), market capitalizations (large-, mid- and small-cap), geographic focus (domestic and international, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including emerging markets) and sector focus (e.g., real estate, technology, infrastructure and natural resources). </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may also invest in Underlying Funds categorized as fixed income, which can include those investing in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">TIPs, U.S. treasury bonds and notes, mortgage-backed and asset-backed securities, investment grade corporate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">bonds, high yield bonds (junk bonds), high yield loans and international bonds (including those of issuers in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed and emerging markets), which may have varying interest rates, terms, duration and credit exposure.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds categorized as alternative strategies include those that employ a variety of investment strategies, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">techniques and practices, generally intended to have a low correlation to the performance of the broad equity and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fixed income markets over a complete market cycle including but not limited to absolute (positive) return strategies. </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Subject to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">20% Sleeve limitation described above, the Fund may also invest directly in equity securities, fixed </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">income securities and derivative instruments, including forward foreign currency contracts and futures (including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency, equity, fixed income, index and interest rate futures). By investing in a combination of Underlying Funds and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other securities described in the 20% Sleeve, the Fund seeks to minimize the risks typically associated with investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in a traditional mutual fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Under normal market circumstances, the Fund may invest, directly or indirectly, in each of equity, fixed income and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cash/cash equivalent asset classes and alternative strategies (each, an asset class category and collectively, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset class categories) within the following target asset allocation ranges (includes investments in Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and the other securities described in the 20% Sleeve):</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 15.25pt;"> <td colspan="5" style="background-color: #003c78; border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 516.00pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-right: -2pt; margin-top: 1pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 6pt;">Asset Class Exposures</span></div> </div> </td> </tr> <tr style="height: 26pt;"> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 304.09pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; margin-top: 2pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 48.97pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Equity</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 60.02pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Fixed Income</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 53.51pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Cash/Cash</span></div> <div style="margin-left: 4pt; margin-right: 4pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Equivalents</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 49.41pt;"> <div style="line-height: 10.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-top: 2pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold;">Alternatives</span></div> </div> </td> </tr> <tr style="height: 13.25pt;"> <td style="border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Middle; width: 304.09pt;"> <div style="line-height: 15.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Aggressive Portfolio</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 48.97pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 36.97pt;"> <div style="display: flex; margin: auto; width: 38.97pt;"> <div style="display: flex; white-space: nowrap; width: 38.97pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">25–100%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 60.02pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 48.02pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–50%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 53.51pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 41.51pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–40%*</span></div> </div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 3pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Top; white-space: nowrap; width: 49.41pt;"> <div style="line-height: 10.5pt; margin-left: 6pt; text-align: right; width: 43.41pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–40%*</span></div> </div> </div> </td> </tr> <tr style="height: 5.5pt;"> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Middle; width: 304.09pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 1pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 48.97pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 36.97pt;"> <div style="display: flex; margin: auto; width: 38.97pt;"> <div style="display: flex; white-space: nowrap; width: 38.97pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 60.02pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 48.02pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 53.51pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; margin-right: 6pt; text-align: right; width: 41.51pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> <td style="border-bottom: 0.5pt solid #003C78; vertical-align: Top; white-space: nowrap; width: 49.41pt;"> <div style="line-height: 0.5pt; margin-left: 6pt; text-align: right; width: 43.41pt;"> <div style="display: flex; margin: auto; width: 30.0pt;"> <div style="display: flex; white-space: nowrap; width: 30.0pt;"> </div> </div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 6pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9pt; text-align: left; width: 3.44pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">*</span></div> <div style="float: left; line-height: 9pt; margin-left: 8.56pt; text-align: left; width: 499.00pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">As a percent of Fund net assets. Ranges include the net notional amounts of a Fund’s direct investments in derivative instruments. Market </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. The Investment Manager may </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">modify the target allocation ranges only with the approval of a Fund’s Board of Trustees (the Board).</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund may be most appropriate for investors with a longer-term investment horizon.</span></div> <span style="color: #003c78; font-family: Arial; font-size: 10pt; font-style: italic;">There is no assurance that the Fund will achieve its investment objective and you may lose money.</span> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Allocation Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk that the Fund's allocation among asset classes, investments, managers, strategies and/or investment styles will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">objectives and/or strategies, or that the investments themselves will not produce the returns expected.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Alternative Strategies Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in alternative investment strategies (Alternative Strategies), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">whether through direct investment or through one or more underlying funds that use Alternative Strategies, involves </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">as those providing exposure to other markets (such as commodity markets), including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets than was anticipated, and the Fund may lose money. Some Alternative Strategies may be considered </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">speculative.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of loans or other debt instruments may decline if the issuer thereof </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Bond Rating Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> grade debt instruments may be subject to greater price fluctuations and are more likely to experience a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will depend on analysis of credit risk more heavily than usual.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Forward Contracts Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">A forward contract is an over-the-counter derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Futures Contracts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> A futures contract is an exchange-traded derivative transaction between </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are highly volatile</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk – Options Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Options are derivatives that give the purchaser the option to buy (call) or sell (put) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">date. When writing options, the Fund is exposed to the risk that it may be required to buy or sell the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference at a disadvantageous price on or before the expiration date. Options may involve economic leverage, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could result in greater volatility in price movement. The Fund's losses could be significant</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are potentially </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">unlimited for certain types of options. Options may be traded on a securities exchange or in the over-the-counter </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market. At or prior to maturity of an options contract, the Fund may enter into an offsetting contract and may incur a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">loss to the extent there has been adverse movement in options prices. Options can increase the Fund’s risk exposure </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Exchange-Traded Fund (ETF) Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in ETFs have unique characteristics, including, but not limited to, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expense structure and additional expenses associated with investing in ETFs. ETFs are subject to, among other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">proportionate share of the Fund’s expenses, and indirectly the ETF’s expenses, incurred through the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">ownership of the ETF. Because the expenses and costs of an underlying ETF are shared by its investors, redemptions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by other investors in the ETF could result in decreased economies of scale and increased operating expenses for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such ETF. The ETFs may not achieve their investment objective. The Fund, through its investment in ETFs, may not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">achieve its investment objective.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fund-of-Funds Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Determinations regarding asset classes or selection of Underlying Funds and the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocations thereto may not successfully achieve the Fund’s investment objective, in whole or in part. The ability of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to realize its investment objective will depend, in large part, on the extent to which the Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">realize their investment objective. There is no guarantee that the Underlying Funds will achieve their respective </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objectives. The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocation of its assets among the Underlying Funds. Therefore, to the extent that the Fund invests significantly in a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular Underlying Fund, the Fund’s performance would be significantly impacted by the performance of such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund. Generally, by investing in a combination of Underlying Funds, the Fund has exposure to the risks of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">many areas of the market. By concentrating its investments in relatively few Underlying Funds, the Fund may have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more concentrated market exposures, subjecting the Fund to greater risk of loss should those markets decline or fail </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to rise. The performance of Underlying Funds could be adversely affected if other entities that invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">funds make relatively large investments or redemptions in such funds. The Fund, and its shareholders, indirectly bear </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of each </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund are shared by its investors, redemptions by other investors in an Underlying Fund could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreased economies of scale and increased operating expenses for such Underlying Fund. The Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager has a conflict of interest in choosing affiliated funds over unaffiliated funds when selecting and investing in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds because it receives management fees from affiliated funds, and it has a conflict in choosing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">among affiliated funds when selecting and investing in Underlying Funds, because the fees paid to it by certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affiliated funds are higher than the fees paid by other affiliated funds. Also, to the extent that the Fund is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">constrained/restricted from investing (or investing further) in a particular Underlying Fund for one or more reasons </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(e.g., Underlying Fund capacity constraints or regulatory restrictions) or if the Fund chooses to sell its investment in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an Underlying Fund because of poor investment performance or for other reasons, the Fund may have to invest in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">another fund(s), including less desirable funds – from a strategy or investment performance standpoint – which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could have a negative impact on Fund performance. In addition, Fund performance could be negatively impacted if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager is unable to identify an appropriate alternate fund(s) in a timely manner or at all.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Money Market Fund Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant, in money market fund shares to cover its obligations resulting from the Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investments in such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the <span style="color: #003c78; font-family: Arial; font-size: 10pt; font-style: italic;">Shareholder Fees</span> table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark. The returns of the Former Blended Benchmark will be shown for a one-year transition period.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the <span style="color: #003c78; font-family: Arial; font-size: 10pt; font-style: italic;">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategy, as well as two additional measures of performance for markets in which the Fund may invest. On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark. The returns of the Former Blended Benchmark will be shown for a one-year transition period. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.1816 Worst 2020-03-31 -0.1948 Year to Date return 2026-03-31 -0.0178  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2004-03-04 2004-03-04 2004-03-04 0.1221 0.0787 0.0931 0.0947 0.0568 0.0722 0.0868 0.0566 0.0693 2004-03-04 0.1715 0.0834 0.0914 2010-09-27 0.1925 0.0941 0.1023 2013-06-13 0.1932 0.0951 0.1032 2010-09-27 0.1872 0.0889 0.0968 0.1807 0.0936 0.1072 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1814 0.0965 0.1099 Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Income Builder Fund (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">seeks to provide shareholders with a high level of current income and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 30 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 30 of the Fund’s prospectus, in Appendix A to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. 50000 Shareholder Fees (fees paid directly from your investment) 0.0475 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0.0002 0.0002 0.0002 0.0002 0.0002 0.0025 0.0100 0.0000 0.0000 0.0000 0.0050 0.0011 0.0011 0.0011 0.0009 0.0005 0.0011 0.0058 0.0058 0.0058 0.0058 0.0058 0.0058 0.0096 0.0171 0.0071 0.0069 0.0065 0.0121 <span style="color: #003c78; font-family: arial; font-size: 8pt;">This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.</span><span style="color: #003c78; font-family: arial; font-size: 8pt; line-height: 9pt;"> </span> <span style="color: #003c78; font-family: arial; font-size: 8pt;">This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.</span><span style="color: #003c78; font-family: arial; font-size: 8pt; line-height: 9pt;"> </span> “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.  Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">indicated, and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">table above.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 6pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Class C shares’ 10-year cost examples below reflect the Class C shares' 8-year conversion policy.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Although your </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> 568 568 766 766 981 981 1597 1597 274 539 928 1821 174 539 928 1821 73 73 227 227 395 395 883 883 70 70 221 221 384 384 859 859 66 66 208 208 362 362 810 810 123 123 384 384 665 665 1466 1466 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund and underlying funds (including exchange-traded funds (ETFs)) may pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). The Fund will indirectly bear the expenses associated with portfolio turnover of the underlying funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio.</span></div> 0.12 Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Fund is a “fund-of-funds” and seeks to achieve its objective by investing in a combination of underlying funds, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">including mutual funds and exchange-traded funds (ETFs) (collectively, Underlying Funds), representing different </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">asset classes, potentially including an allocation to alternative investment strategies. Under normal </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">circumstances</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund intends to invest in each asset class within the following target asset allocation ranges:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 14pt;"> <td colspan="2" style="background-color: #003c78; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 516.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; margin-top: 1pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Table 1 — Asset Class (Target Allocation Range – Under Normal Circumstances)*</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 464.47pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.0pt;">Equity</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 51.53pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–35%</span></div> </div> </td> </tr> <tr style="height: 14.5pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 464.47pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.0pt;">Fixed Income</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 51.53pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">55–100%</span></div> </div> </td> </tr> <tr style="height: 14pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 464.47pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.0pt;">Cash</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 51.53pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–15%</span></div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 464.47pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.0pt;">Alternative and Other Strategies</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 51.53pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 8pt; margin-left: 0.00pt;">0–20%</span></div> </div> </td> </tr> </table> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9pt; text-align: left; width: 3.44pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">*</span></div> <div style="float: left; line-height: 9pt; margin-left: 8.56pt; text-align: left; width: 499.00pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt;">Market appreciation or depreciation may cause the Fund to be temporarily outside the ranges identified in the table. The Investment Manager </span><span style="color: #003c78; font-family: arial; font-size: 8pt;">may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees.</span><span style="color: #003c78; font-family: arial; font-size: 8pt; line-height: 9pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Columbia Management Investment Advisers, LLC (the Investment Manager), allocates the Fund’s assets within and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">across different asset classes through investments in Underlying Funds, potentially including an allocation to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">alternative investment strategy funds, in an effort to achieve the Fund’s investment objective of providing a high level </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of current income and growth of capital. Typically, asset allocation changes will be made monthly to refine the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">positioning, but may be made more or less frequently depending upon then-current allocations.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">In pursuit of the Fund’s investment objective, the Investment Manager chooses investments by:</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Evaluating the Fund’s total exposure to sectors, industries, issuers and securities relative to the Fund’s indices;</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Analyzing factors such as credit quality, interest rate outlook and price; and</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Targeting certain Underlying Funds that invest in lower-quality (junk) bonds and foreign investments as attractive </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">opportunities arise.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The Investment Manager relies on various qualitative and quantitative inputs to tactically allocate the Fund’s assets </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">across the different asset classes and investment categories.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Investment Category Allocation.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Within the equity and fixed income asset classes, the Investment Manager </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">establishes allocations for the Fund, seeking to achieve the Fund’s investment objective by investing in defined </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment categories. Fixed income investment categories include Underlying Funds that invest in: government </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">bonds, U.S. investment grade bonds, U.S. high yield bonds, floating rate securities, emerging market bonds, multi-sector</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> bonds and short and ultra-short bonds. These fixed income Underlying Funds include those that invest in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">mortgage- and asset-backed securities. The Investment Manager also may allocate assets to money market (cash) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or alternative investment strategies. Equity investment categories include Underlying Funds that invest in: U.S. large </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cap, mid cap and small cap equities (including growth, value and core/blend styles), international equities (including </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">emerging market securities) and specialty funds, including those that invest in convertible securities, real estate </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">equities, and technology-focused investments. The target allocation range constraints set forth in Table 1 are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">intended to promote diversification within asset classes, and the Investment Manager takes into account factors </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such as style, sector, market capitalization, geographic location, credit quality, interest rate outlook, and yield </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">potential. Proposed allocation shifts are reviewed and approved by the Investment Manager as part of its qualitative </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">review.</span></div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Allocation Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk that the Fund's allocation among asset classes, investments, managers, strategies and/or investment styles will </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">objectives and/or strategies, or that the investments themselves will not produce the returns expected.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Alternative Strategies Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in alternative investment strategies (Alternative Strategies), </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">whether through direct investment or through one or more Underlying Funds that use Alternative Strategies, involves </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">as those providing exposure to other markets (such as commodity markets), including but not limited to absolute </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">markets than was anticipated, and the Fund may lose money. Some Alternative Strategies may be considered </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">speculative.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Changing Distribution Level Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund normally expects to receive income which may include interest, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reduce its distribution level.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Counterparty Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">recovery may be significantly delayed.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Credit Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and Kroll Bond Rating </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments may be subject to greater price fluctuations and are more likely to experience a default than investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">grade debt instruments and therefore may expose the Fund to increased credit risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Derivatives Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traditional investment instruments. The Fund’s derivatives strategy may not be successful</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and use of certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">volatility risk.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Emerging Market Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Securities issued by foreign governments or companies in emerging market </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">example, from rapid changes or developments in social, political, economic or other conditions. Their economies are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">usually less mature and their securities markets are typically less developed with more limited trading activity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">makes them more sensitive to world commodity prices and economic downturns in other countries, and some have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">issuers of emerging market securities, including auditing and financial reporting standards, financial information and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">publicly available information about other foreign securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Exchange-Traded Fund (ETF) Risk</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">(</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">applicable</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;"> to Funds that invest in ETFs</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">)</span><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in ETFs have unique </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">characteristics, including, but not limited to, the expense structure and additional expenses associated with investing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in ETFs. ETFs are subject to, among other risks, tracking risk and passive and, in some cases, active investment risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">In addition, shareholders bear both their proportionate share of the Fund’s expenses, and indirectly the ETF’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expenses, incurred through the Fund’s ownership of the ETF. Because the expenses and costs of an underlying ETF </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">are shared by its investors, redemptions by other investors in the ETF could result in decreased economies of scale </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and increased operating expenses for such ETF. The ETFs may not achieve their investment objective. The Fund, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">through its investment in ETFs, may not achieve its investment objective.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fixed Income Instruments Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund is subject to the general risks and considerations associated with </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">in price in response to negative issuer developments or general economic news than higher rated securities. In </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">addition, as interest rates rise, the Fund’s investments typically will lose value.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of U.S. companies</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disposition of foreign securities, which could reduce the Fund’s return on such securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Fund-of-Funds Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Determinations regarding asset classes or selection of Underlying Funds and the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocations thereto may not successfully achieve the Fund’s investment objective, in whole or in part. The ability of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Fund to realize its investment objective will depend, in large part, on the extent to which the Underlying Funds </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">realize their investment objective. There is no guarantee that the Underlying Funds will achieve their respective </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment objectives. The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">allocation of its assets among the Underlying Funds. Therefore, to the extent that the Fund invests significantly in a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">particular Underlying Fund, the Fund’s performance would be significantly impacted by the performance of such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund. Generally, by investing in a combination of Underlying Funds, the Fund has exposure to the risks of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">many areas of the market. By concentrating its investments in relatively few Underlying Funds, the Fund may have </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">more concentrated market exposures, subjecting the Fund to greater risk of loss should those markets decline or fail </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">to rise. The performance of Underlying Funds could be adversely affected if other entities that invest in the same </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">funds make relatively large investments or redemptions in such funds. The Fund, and its shareholders, indirectly bear </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of each </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Fund are shared by its investors, redemptions by other investors in an Underlying Fund could result in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decreased economies of scale and increased operating expenses for such Underlying Fund. The Investment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Manager has a conflict of interest in choosing affiliated funds over unaffiliated funds when selecting and investing in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Underlying Funds because it receives management fees from affiliated funds, and it has a conflict in choosing </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">among affiliated funds when selecting and investing in Underlying Funds, because the fees paid to it by certain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affiliated funds are higher than the fees paid by other affiliated funds. Also, to the extent that the Fund is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">constrained/restricted from investing (or investing further) in a particular Underlying Fund for one or more reasons </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(e.g., Underlying Fund capacity constraints or regulatory restrictions) or if the Fund chooses to sell its investment in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">an Underlying Fund because of poor investment performance or for other reasons, the Fund may have to invest in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">another fund(s), including less desirable funds – from a strategy or investment performance standpoint – which </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">could have a negative impact on Fund performance. In addition, Fund performance could be negatively impacted if </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the Investment Manager is unable to identify an appropriate alternate fund(s) in a timely manner or at all.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">sensitive to movements in interest rates.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">High-Yield Investments Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Securities and other debt instruments held by the Fund that are rated below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risk. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">advantageous to do so, which could result in losses.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund.</span></div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Small- and Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in small- and mid-capitalization companies (small- and mid-cap </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">companies) often involve greater risks than investments in larger, more established companies (larger companies) </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">because small- and mid-cap companies tend to have less predictable earnings and may lack the management </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">experience, financial resources, product diversification and competitive strengths of larger companies. Securities </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 10pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 8pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 12pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic; font-weight: bold;">Large-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic expansion.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">economic and market conditions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Money Market Fund Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">An investment in a money market fund is not a bank deposit and is not insured </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">(typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">other types of money market funds. Certain money market funds (including the Fund’s cash sweep vehicle) are </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions. In addition to </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">significant, in money market fund shares to cover its obligations resulting from the Fund</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 10pt;">s investments in such </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">may affect the manner of operation, performance and/or yield of money market funds.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Prepayment and Extension Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Prepayment and extension risk is the risk that a bond or other security or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">spreads.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Reinvestment Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">at least the same return it is currently earning.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 10pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the <span style="color: #003c78; font-family: arial; font-size: 10pt; font-style: italic;">Shareholder Fees</span> table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategies, as well as two other measures of performance for markets in which the Fund may invest.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares (without applicable sales charges) for periods prior to its inception date.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt;">The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 10pt; font-weight: bold;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color: #003c78; font-family: arial; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 10pt;"> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategies, as well as two other measures of performance for markets in which the Fund may invest. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a blended benchmark that is intended to provide a measure of the Fund's performance given its investment strategies, as well as two other measures of performance for markets in which the Fund may invest. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 columbiathreadneedleus.com Year by Year Total Return (%)*as of December 31 Each Year Best 2020-06-30 0.1039 Worst 2020-03-31 -0.1002 Year to Date return 2026-03-31 0.0093  Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2025)   2006-02-16 2006-02-16 2006-02-16 0.0583 0.0228 0.0490 0.0421 0.0072 0.0336 0.0347 0.0113 0.0320 2006-02-16 0.0927 0.0250 0.0462 2010-09-27 0.1143 0.0353 0.0567 2012-11-08 0.1139 0.0355 0.0569 2017-03-01 0.1145 0.0362 0.0570 2010-09-27 0.1088 0.0302 0.0514 0.0912 0.0295 0.0431 0.0730 -0.0036 0.0201 0.1571 0.1118 0.1046 Year to Date return as of March 31, 2026: -0.61% Year to Date return as of March 31, 2026: -1.78% Year to Date return as of March 31, 2026: 0.93% Year to Date return as of March 31, 2026: -1.16% This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. Other expenses have been restated to reflect current fees paid by the Fund. "Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. "Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. The Investment Manager has contractually agreed to waive 0.01% of other expenses, with this waiver agreement in effect through May 31, 2027, unless sooner terminated at the sole discretion of the Board. This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. "Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. “Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses. This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.